Most expensive $204 million Versailles-style palace up for sale in Dubai, Russian and Indian among interested buyers
- 14 Jun 2023
Khansa Al-Zubair, Staff Reporter
A Versailles-style palace is for sale in Dubai for Dhs750 million ($204 million), making it the most expensive residence in the emirate's housing market, which is full of luxury real estate offers.
It is located in Emirates Hills and has an internal area of 60,000 sq ft. Although it only has five bedrooms, the main bedroom is 4,000 sq ft, which is larger than most homes. The ground floor contains the dining and entertainment rooms.
Other amenities include a 15-car garage, indoor and outdoor swimming pools, two domes, a 70,000-litre (15,400-gallon) reef aquarium, power substation and emergency bunkers.
It is located on 70,000 square feet in a gated community overlooking a golf course.
This property, dubbed the "Marble Palace" by real estate agents, was built using an estimated Dhs80 million to Dh100 million worth of Italian stone. The construction process took nearly 12 years and was completed in 2018, according to Luxpetat Sotheby's International Realty, which sells the property.
The masonry included the installation of 70,000 sheets of gilded paper, by 70 skilled workers who worked diligently for more than nine months.
However, the price of a square foot in the "Marble Palace" is Dhs12,500, which is more than double what other properties in Emirates Hills have fetched.
"It's not everybody's taste or style," Luxhabitat Sotheby's broker Kunal Singh said, well aware that buyers will either love it or hate it.
Singh said a Russian buyers is interested, and had viewed the property
The second is an Indian client who already owns three properties in Emirates Hills; his wife is on the fence, leaning toward something more contemporary, he said.
George Azar, CEO of Sotheby’s International Realty in the UAE comments: “We’re so excited to bring this listing to the market. It is a testimony of the forward-thinking and innovative approach to property design that is rippling across Dubai.”
Previously, the most expensive house sale in the neighborhood amounted to Dhs210 million, at a price of Dhs5,614 per square foot, in August 2022.
The real estate market in Dubai has witnessed more recovery recently, and the influx of expatriates, especially the wealthy, contributed to this.
Among the recent huge deals include the sale of a vacant plot of land on the beach for Dhs125 million, and the purchase of a penthouse on the Arabian Gulf for Dhs420 million.
